Top crypto tweets of the day – May 16th

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  TL;DR Breakdown BitMEX CEO Arthur Hayes predicts a market boom for Bitcoin in 2024 but warns about potential challenges due to geopolitical tensions, foreseeing a possible market collapse in 2025-2026. Hayes discloses his investment in PEPE Coin, a meme coin that gained significant attention in the crypto market, showcasing the growing influence of meme coins and their impact on price movements. In a recent episode of the What Did Bitcoin podcast, Arthur Hayes, the CEO of BitMEX, shared his insights on the future of Bitcoin and the broader cryptocurrency market. While Hayes acknowledged that Bitcoin might not reach the highly anticipated $70,000 mark in 2023, he expressed optimism for a potential market boom in 2024. According to his predictions, the year 2024 could be a significant turning point for the crypto market, potentially leading to a breakthrough in Bitcoin’s price. Hayes emphasized that the crypto industry would greatly benefit from the ongoing trend of exchanges relocating from one country to another. This transition would foster increased awareness and familiarity with Bitcoin and contribute to its overall growth and acceptance. He…

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• China wages war against counterfeit NFTs

  TL;DR Breakdown China is launching a rigorous campaign to regulate the growing NFT market, focusing on counterfeit and fraudulent activities. The country’s legal institutions are working to define the boundaries between innovation and potential crimes in the NFT sector. China is taking a proactive stance against the risks associated with Non-Fungible Tokens (NFTs). As the popularity of these digital asset certificates continue to surge, so do the risks associated with them, from financial to legal, and everything in between. Pseudo-innovation vs. true innovation China’s prosecutorial organs are tasked with navigating the fine line between genuine development and criminal activity. In the burgeoning world of NFTs, there’s a clear mandate to protect what Wang Xiafang refers to as “true innovation.” However, authorities are equally committed to identifying and penalizing “pseudo-innovation” — schemes designed to exploit the system under the guise of innovation, ultimately driving out the good. The NFT marketplace involves a complex web of stakeholders: copyright owners, creators, platforms, and buyers. Ideally, the copyright owner and creator are the same, promoting a smoother transaction process. But in cases where these…

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• John Reed Stark highlights SEC-DOJ disparity in crypto enforcement

  TL;DR Breakdown Former SEC official John Reed Stark expresses concern over DOJ’s inaction in crypto cases. Stark highlights the disparity between the SEC’s frequent actions and the DOJ’s rare criminal probes. Gemini’s leader, Tyler Winklevoss, dismisses the charges as trivial and compares them to parking tickets. Description John Reed Stark, a former official of the Securities and Exchange Commission (SEC), voiced his perplexity over the seeming inaction of the U.S. Department of Justice (DOJ) in cryptocurrency-related cases. With his extensive experience spanning nearly two decades in the SEC Division of Enforcement, Stark finds the scarcity of DOJ cases associated with Bitcoin notably … Read more John Reed Stark, a former official of the Securities and Exchange Commission (SEC), voiced his perplexity over the seeming inaction of the U.S. Department of Justice (DOJ) in cryptocurrency-related cases. With his extensive experience spanning nearly two decades in the SEC Division of Enforcement, Stark finds the scarcity of DOJ cases associated with Bitcoin notably unusual. Stark’s concerns revolve around the apparent disparity in the enforcement actions undertaken by the SEC and the infrequent criminal…

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• Breaking: 20 countries now vying for BRICS membership

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• UK Lawmakers Propose Extending Online Safety Bill to Include the Metaverse

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